Gannett's President and Chief Executive Officer Gracia Martore said in a statement that the deal brings together "two highly respected media companies with rich histories of award-winning journalism, operational excellence and strong brand leadership."

Belo's President and CEO, Dunia Shive, commented, "This is an outstanding and financially compelling transaction for our shareholders. It is also a testament to the tremendous value our employees have created over Belo's long history and to the strength of our brand in the media industry.'"

The AP reports:

"Gannett expects the deal to boost its adjusted earnings by 50 cents per share within the first 12 months.